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1. Unsecured Lending
Definition:
- An unsecured loan is a structured financial product designed to meet the needs of eligible customers seeking long-term financing without requiring collateral.
Purpose:
- This loan can be used for various purposes such as debt consolidation, medical expenses, home improvements, land purchases, starting a business, school fees, or purchasing imported goods.
2. Features of Unsecured Loans
Loan Amounts:
- Minimum: M1,500.00
- Maximum: M800,000.00
Interest Rates:
Personalized according to individual profiles.
Repayment Terms:
- Minimum: 12 months
- Maximum: 84 months
No Collateral Requirement:
- These loans do not require any assets as security.
3. Benefits of Unsecured Loans
Quick Access to Funds:
- Available digitally and manually.
- Digital loans are accessible instantly via internet banking.
- Manual applications are processed within 48 hours.
Insurance Protection:
- Includes Personal Loan Protection Plan (PLPP) covering death, loss of employment, or disability. There is also a cash back on the insurance plan, funeral benefit of up to M50000.00 and many more.
No Risk to Personal Assets:
- No collateral needed, reducing the risk to the borrower.
4. Eligibility Criteria
Credit Score:
- Minimum BRI 19
Income Requirements:
- Proof of income or employment status
Documentation:
- Valid identity document
- Proof of residence
Other Requirements:
- Must be a resident of Lesotho and over 18 years old.
5. Considerations and Risks
- Impact on Credit Score:
- Late payments, dishonoured checks, and overdrafts can negatively affect your credit score.
Affordability:
- Borrowers are encouraged to assess their repayment capacity before taking a loan.
6. Contact Information
Customer Service:
Phone: 2221 2221 / 8002 2221 email: [email protected]
Branches:
- Manual applications can be submitted at any of our 18 branches nationwide.
Website: